WMP invests in property research
Perth-based financial services group Wealth Management Partners (WMP) has acquired a substantial stake in property advisory service REaffirm.
WMP describes itself as a ‘one-stop shop’, and the firm’s director Steve Beattie said that with the growing trend of self-managed super fund investors investing in property, planners can’t provide a total service by focusing only on investments such as managed funds and bonds.
“Wealth Management Partners recognises that the financial advisory firm of the future must provide informed advice across all asset classes if we wish to place ourselves at the centre of our clients’ financial lives,” he said.
REaffirm will provide specialised property research and advice to WMP clients while building its own client base, according to REaffirm director Simon Moore.
Moore, who has previously worked with Hegney Property Group and Plan B, said that much of the information published about property trends was generated by sellers and their agents and suited a particular agenda.
REaffirm said that its client service model was similar to that of traditional financial advisers.
“We assist with strategy, implementation through identifying particular properties, and look after the ongoing management and review going forward,” Moore said.
“We’re trying to work on developing a financial planning-type model for direct property that’s not sales-based – we see that as an important gap to fill.”
REaffirm already has another, larger firm on board that can’t be disclosed yet, and is in talks with two other firms, Moore said.
Recommended for you
Hot on the heels of its AMP advice acquisition last year, Entireti has acquired licensee solution provider IOOF Alliances from Insignia, enhancing its offering for self-licensed advisers.
Over 600 AFSLs – a third of the total number – are operating with just one adviser, according to Wealth Data, reflecting the rise of self-licensing.
Wealth management firm LGT Crestone has appointed Darragh Kennelly as a senior investment analyst to help the firm scale its alternatives platform.
A failure to implement a succession plan could negatively impact the sale price of an advice firm, with almost half of practices telling CFS that they would struggle to operate without their owner.
